Wells Fargo’s profit tanks 56% in the fiscal third quarter to £1.57 billion

Wells Fargo (NYSE: WFC) said on Wednesday that its profit in the fiscal third quarter came in 56% lower than last year. The company reported £1.57 billion of profit in Q3 versus £3.55 billion in the same quarter last year. On a per-share basis, it earned 32.37 pence in the recent quarter versus a higher 33.91 pence expected, as per FactSet. Wells Fargo lost 1.8% in premarket trading on Wednesday. Shares of the company are now trading at £18.72 per share. In mid-May, the stock had tumbled to an even lower £17.36 per share. In comparison, Wells Fargo had started